Notes to SEFA
3. Relationship to Basic Financial Statements Amounts reported in the accompanying schedules agree with amounts reported in the Commission’s basic financial statements. The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the fiscal year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $525,757 for the special revenue fund. See note to Required Supplementary Information (C-3) for a reconciliation of the budgetary basis to GAAP of accounting for the special revenue funds. Financial award revenues are reported in the Commission’s basic financial statements on a GAAP basis as follows: Federal State Total General Fund $ 8,208,556 $ 8,208,556 Special Revenue Fund $ 2,215,266 9,330,552 11,545,818 Food Service Enterprise Fund 473,804 36,214 510,018 Total financial award revenues $ 2,689,070 $ 17,575,322 $ 20,264,392
4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
5. Other TPAF Social Security Contributions represent the amount reimbursed by the State for the employer’s share of Social Security for TPAF members for the year ended June 30, 2025. The post retirement pension, disability insurance and medical benefits received on-behalf of the Commission for the year ended June 30, 2025 amounted to $7,108,591. Since on-behalf post-retirement pension, disability insurance and medical benefits are paid by the State directly, these expenditures are not subject to a single audit in accordance with New Jersey OMB’s Circular 15-08, as directed by the funding agency.
7. Adjustments The adjustments reflected on schedules K-3 and K-4 represents cancellations of prior year receivables and encumbrances.